Defects of East Asia as an OCA

After the 1997 Asian crisis, the necessity of adopting common currency in East Asia has discussed. However, the majority of economists showed skepticism about the possibility of East Asian common currency. This report aims to show the insufficiency of East Asia as an optimal currency area in economic and non-economic perspective. Economic analysis would be the main content. The comparative analysis between ASEAN+3 and Eurozone would be implemented in various criteria of the optimal currency area, such as symmetric shock, labor mobility, the similarity of economic structure, convergence and similarity in the business cycle, and risk sharing. Adding to these, non-economic obstacles of East Asian common currency would be addressed in aspect the political and cultural situation of East Asia.